NORTH CANTON, Ohio,
July 27, 2018 /PRNewswire/
-- The Timken Company (NYSE: TKR), a world leader in
engineered bearings and power transmission products, has reached an
agreement with pan-European firm Chequers Capital and IGI Private
Equity to acquire Rollon Group. A leader in engineered linear
motion products, Rollon specializes in the design and
manufacture of linear guides, telescopic rails and linear
actuators used in a wide range of industries such as passenger
rail, aerospace, packaging and logistics, medical and automation.
Rollon sales are expected to be about $140
million for the full year 2018.
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"The acquisition of Rollon will further expand the Timken
portfolio of leading industrial brands, allowing us to serve
existing and new customers in attractive, high-growth end markets
around the world," said Richard G.
Kyle, Timken president and chief executive officer. "Like
Timken, Rollon is an expert in motion technology and is recognized
for developing customized linear motion products for their
customers' application challenges. With its proven operating
model and value proposition, Rollon will open up exciting new
growth opportunities for the company."
Headquartered near Milan,
Italy, Rollon has manufacturing operations in Italy, Germany and the
United States. Rollon employs approximately 600 people and
boasts an extensive sales and engineering network around the world
to serve its global customer base.
Rollon's leading linear motion product line complements other
Timken brands including Timken®, Philadelphia
Gear®, Groeneveld®, Drives® and
Lovejoy®. With this acquisition, Timken continues its
strategy to diversify its portfolio with products and services that
also include bearings, gear drives, chain, belts, couplings,
automated lubrication systems, industrial clutches and brakes, and
a variety of related industrial services.
Timken expects the acquisition to be accretive to earnings in
the first year of ownership. The transaction, which is subject to
customary regulatory approvals, is expected to close in late
September 2018 and will be funded
with debt.
Presentation materials related to this transaction have been
posted to the company's website at http://investors.timken.com.
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com) engineers,
manufactures and markets bearings, gear drives, belts, chain,
couplings, lubrication systems and related products, and offers a
spectrum of powertrain rebuild and repair services. The leading
authority on tapered roller bearings, Timken today applies its deep
knowledge of metallurgy, tribology and mechanical power
transmission across a variety of bearings and related systems to
improve the reliability and efficiency of machinery and equipment
all around the world. The company's growing product and services
portfolio features many strong industrial brands including
Timken®, Fafnir®, Philadelphia
Gear®, Groeneveld®, Drives® and
Lovejoy®. Known for its quality products and
collaborative technical sales model, Timken posted $3 billion in sales in 2017. With more than
15,000 employees operating from 33 countries, Timken makes the
world more productive and keeps industry in motion.
Certain statements in this release (including statements
regarding the company's estimates and expectations) that are not
historical in nature are "forward-looking" statements within the
meaning of the Private Securities Litigation Reform Act of 1995. In
particular, the statements regarding the company's
expectations regarding accretion, sales and the
expected market opportunities are forward-looking. The company
cautions that actual results may differ materially from those
projected or implied in forward-looking statements due to a variety
of important factors, including: the inability to complete the
acquisition due to either the failure to satisfy any condition to
the closing of the transaction, including receipt of regulatory
approval, or the occurrence of any event, change or other
circumstance that could give rise to the termination of the
purchase agreement; the inability to successfully integrate the
newly acquired business into the company's operations or achieve
the expected synergies associated with the acquisition; and adverse
changes in the markets served by the newly acquired business.
Additional factors are discussed in the company's filings with the
Securities and Exchange Commission, including the company's Annual
Report on Form 10-K for the year ended Dec. 31, 2017,
quarterly reports on Form 10-Q and current reports on Form 8-K.
Except as required by the federal securities laws, the company
undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
Media Relations:
234.262.3514
mediarelations@timken.com
Investor Relations:
Jason
Hershiser
234.262.7101
jason.hershiser@timken.com
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SOURCE The Timken Company